AUCTION AGAVE LUXURY CONDOMINIUMS 1900 CENTRAL AVENUE, SW ALBUQUERQUE, NM 87104

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1 AUCTION AGAVE LUXURY CONDOMINIUMS 1900 CENTRAL AVENUE, SW ALBUQUERQUE, NM SATURDAY, OCTOBER 24, 2015

2 Enjoy luxury living at a fraction of the cost with this rare ownership opportunity at Agave Condominiums. Located steps from Old Town in the Country Club Corridor West of Downtown Albuquerque, Agave Condominiums deliver the perfect combination of luxury, style and comfort in an unparalleled location in a courtyard setting. Relax and unwind at home while enjoying the contemporary finishes and resort-style amenities. With convenient access to the city s finest cafes and restaurants, Albuquerque Country Club, and Downtown entertainment, including Century 14 Cineplex and an endless array of popular retail centers, restaurants, and entertainment venues, Agave Condominiums residents enjoy balancing a walkable lifestyle in the lap of luxury. Interior features include open floor plans, soaring ceilings, private access with complete security systems, central heating & air conditioning, personal balconies, Pella windows & doors, granite countertops, stainless-steel appliances, washer/dryer and gas log fireplaces. All residences include an attached 2-car garage with direct access and all 3 story plans have in-home elevators. Kennedy Wilson, the nation s leading real estate auction company, is offering a rare opportunity for unheard-of savings on full-featured luxury condos at Agave Condominiums.

3 Approximate Unit Plan Bedrooms Bathrooms Square Square Footage Footage Previous Listing Price Starting Bid 103 B 2 3 1,850 $319,900 $150, B 2 3 1,850 $319,900 $150, A 2 3 1,850 $289,900 $150, * A 2 3 1,850 $279,900 $150, B 2 3 1,850 $319,900 $150, B 2 3 1,850 $339,900 $150, A 2 3 1,850 $279,900 $150, D 1 2 1,358 $239,000 $115, E 3 3 2,050 $379,900 $175,000 *Auction Information Office. On auction day, the condominiums will not necessarily be auctioned in the order in which they appear in the TABLE OF PROPERTIES. The order of the bidding will be announced prior to the auction. Sizes, square footages, bedrooms and baths set forth for the homes are approximations only. Actual sizes may vary. All bids are subject to Seller s Reserve and Acceptance.

4 Petroglyph National Monument HIGHWAY 85 HIGHWAY 40 HIGHWAY 40 CENTRAL AVENUE SW Albuquerque Country Club AGAVE CONDOMINIUMS Rio Grande River LOMAS BLVD ABQ BioPark City Hall Hyatt Regency Albuquerque 3RD STREET 47 BROADWAY BOULEVARD CENTRAL AVENUE SE HIGHWAY Central Avenue, SW Albuquerque, NM ALBUQUERQUE INTERNATIONAL AIRPORT AUCTION CHECKLIST 1) VIEW YOUR HOME Come to Agave Luxury Condominiums to view your home. Prior to auction, make a thorough inspection of all homes, review the purchase agreement and home owners association documents. 2) REGISTER TO ATTEND Complete the Auction Registration Form available at the Auction Information Office or online at We want to save you a seat! Return the Auction Registration Form before Friday, October 23, 2015 at 5 PM. 3) WIN THE BID After you view your home, register for the auction and secure financing, go to the bank and get a cashier s check in the amount of $2,500 payable to Fidelity National Title. On Auction Day, Saturday, October 24th at 1 PM, if you re the high bidder, this will be used as a portion of the 3% deposit; don t forget to bring your checkbook. Upon Seller acceptance of your bid, you will start the 45-day closing process; upon close, you will have the keys to your new home! Copyright Kennedy Wilson Auction Group, Inc. in cooperation with Walt Arnold Commercial Brokerage Group, Inc., New Mexico license # All rights reserved. No part of this advertising material may be reproduced or utilized in any form or by any means, electronic or mechanical, including photocopying and recording, or by any information storage and retrieval system, without written permission from Kennedy Wilson. No buyer s premium. All bids subject to Seller s Reserve and Acceptance.

5 AUCTION INFORMATION HOME PREVIEW INFORMATION The Auction Information Office at Agave will be open Thursday through Sunday from 11:30 AM to 5 PM for your convenience. Address: Agave Luxury Condominiums 1900 Central Ave, SW, Unit 203 Albuquerque, NM Phone: and Fax: Website: AUCTION DAY Saturday, October 24, 2015, 1 PM at the Hyatt Regency, 330 Tijeras NW, Albuquerque, New Mexico. The auction will begin promptly at 1 PM and will last approximately 1 hour. Bidders are advised to arrive no later than 12 Noon. TERMS AND CONDITIONS What you should know about buying a condominium at Agave Luxury Condominiums STARTING BIDS Starting Bids have been established for each condominium. No bid below the Starting Bid will be recognized. For the first three (3) condominiums offered at the auction, the seller will accept from registered bidders the highest bid equal to or greater than the published Starting Bid. For all remaining condominiums offered on auction day, the condominiums will be offered with an unpublished reserve price. The Starting Bid is not the unpublished reserve price. The bidding will start according to the Starting Bid listed in the Table of Properties and the seller reserves the right to accept only those high bids that meet or exceed the seller s unpublished reserve price. With respect to a high bid less than the seller s unpublished reserve price, the high bid, resulting purchase agreement/offer are subject to the seller s acceptance, counter-offer or rejection during the auction, in the contract room, and/or within five (5) days following the auction. REGISTER TO ATTEND Registration is required to be eligible to attend and bid on auction day. To register, you must complete the Auction Registration Form available at the Auction Information Office or online at www. AgaveCondominiums.com. Bidders should complete and return the Auction Registration Form to the onsite Auction Information Office prior to Friday, October 23, 2015, at 5 PM. Bidders may deliver the Auction Registration Form in person, to mclouser@kennedywilson.com or fax to Potential bidders are solely responsible for confirming the delivery and timely receipt of their completed and signed registration form by the Auction Information Office. A bidder s failure to timely register with the Auction Information Office may result in nonrecognition of the bidder at the auction. Auction day registrants will be limited to the purchase of one condominium only. LIVE ONLINE BIDDING Live online bidding will be available to qualified, registered bidders, who are unable to attend the auction. For online bidding, our auctioneer will call the bids during the auction, and the entire event will be broadcast over the Internet with real-time audio and video. Bidding online is easy. Just remember that in order to participate, you must first complete the Auction Registration Form and submit it to the Auction Information Office. Once your Auction Registration form is approved, you will receive details on how to participate via live online bidding on auction day. HOME INSPECTION AND REVIEW OF PURCHASE DOCUMENTS Prospective buyers should inspect all condominiums prior to the auction and review information on the condominiums on which they are interested in bidding. It is the responsibility of all prospective buyers to inspect the condominiums prior to the auction and satisfy themselves as to their physical condition. The purchase documents are available at the Auction Information Office for review. A partial list of the documents include: (a) Purchase Agreement; (b) Disclosure Statement; (c) Condominium Declaration; (d) Preliminary Title Report; (e) Homeowner s Association Budget and (f) other community and condominium associations documents. PROPERTY OWNERS ASSOCIATION Each buyer will become a member of Agave Luxury Condominiums Unit Owners Association and will be subject to property owner association assessments. Please review association documents at the Auction Information Office for complete details. DEPOSIT To participate and bid on auction day, all approved and registered bidders must present a separate cashier s check or wire transfer in the amount of $2,500 for each condominium they have been approved to purchase. For successful bidders, the cashier s check will be used as a portion of the 3.0% deposit. Cashier s checks must be made payable to Fidelity National Title. The balance of your 3.0% deposit should be in the form of a personal check. Please bring your personal checkbook to the auction with you. Contact the Auction Information Office for wiring instructions. 1

6 AUCTION DAY PROCEDURES Check in at registration and receive your bidder package which includes auction day announcements, information on the condominiums being auctioned, the order of the condominiums being auctioned and your bidder number. You will be required to show your cashier s check and personal check; however, you will retain your cashier s check and personal check until you are a successful bidder. If you are a successful bidder at the auction, an auction assistant will request that you sign a Bid Confirmation Sheet acknowledging the final recognized bid, and then escort you to the contract room where you will execute the purchase documents and receive a receipt for your 3.0% deposit. Your cashier s check will be endorsed to Fidelity National Title. The balance of your deposit will be by personal check. Approved multiple purchasers who wish to remain in the auction will be required to endorse and deposit a separate $2,500 cashier s check with the auction assistant after each successful purchase. Multiple condominium purchasers may remain in the auction; however, they must complete the purchase documents for all purchases immediately upon completion of their final purchase. SELLER ARRANGED FINANCING* The seller has arranged loan programs through First Mortgage Company (the Preferred Lender ). In order to be eligible to bid, all buyers, including those using third party financing, are required to be prequalified with First Mortgage Company. For buyers who apply for financing provided by First Mortgage Company the sale will be contingent upon the buyer s ability to qualify for financing. If the buyer no longer qualifies for a preferred lender loan after the auction, the buyer s deposit will be returned, less any processing/cancellation fee. Neither the seller nor the auctioneer makes any representation or warranty that the prospective buyer of a condominium will qualify for purchase financing from the preferred lender or third party financing. Financing is subject to the buyer s credit approval and completion of all loan documents and property appraisal. A First Mortgage Company representative will be available at the contact information listed below during regular business hours on Monday through Friday: First Mortgage Company Company NMLS #2024 / Branch NMLS # Jason Pike, VP / Senior Loan Officer jasonpike@firstmortgageco.com (505) Direct (505) Fax NMLS # An Equal Housing Lender *CLOSING INCENTIVE FOR SELLER ARRANGED LENDER: Buyers who are pre-qualified by First Mortgage Company prior to auction day, and close escrow within forty-five (45) calendar days of the auction, will be credited $1,000 toward non-recurring closing costs (based on lender guidelines) by seller at the close of escrow. THIRD PARTY FINANCING Buyers who choose to apply for financing with any lender other than First Mortgage Company (third party financing) must provide Kennedy Wilson with a prequalification letter from their lender that is satisfactory to Kennedy Wilson with their Auction Registration Form. CASH BUYER REQUIREMENTS Buyers who choose to pay cash for their purchase must submit proof of liquid funds to Kennedy Wilson, such as a current bank statement or comparable proof of funds with their Auction Registration Form. BROKER COOPERATION Participation of New Mexico licensed real estate brokers is encouraged. A commission of 2.0% of the purchase price will be offered to all qualified, registered brokers. All commissions will be paid at the close of escrow. In order to qualify for the broker cooperation commission, the following requirements must be complied with: a) The prospective buyer must register their broker on their Auction Registration Form at the time of their initial registration, before 5 PM on Friday, October 23, No broker registration will be accepted on auction day. b) Brokers must accompany the buyer to the auction and, if successful, throughout the entire purchase process at the auction on Saturday, October 24, 2015, and execute the Cooperating Broker Agreement. c) A buyer who does not comply with subparagraphs (a) (b) shall assume liability and be solely responsible for payment of any commission due and owing to the buyer s broker. d) Through attendance at this auction, buyer acknowledges and agrees that Kennedy Wilson Auction Group, Inc. in cooperation with Walt Arnold Commercial Brokerage, Inc. is the exclusive broker of the seller and is not acting as the real estate agent for or representative of the buyer. CLOSING All sales must close escrow on or before forty-five (45) calendar days from the auction (on or before Tuesday, December 8, 2015), unless extended by the seller in writing. All buyers will be required to pay customary closing costs including, but not limited to: escrow fees, recording fees, normal pro-rations, title fees, new loan fees, buyer recording fees, transfer or preparation assessments and homeowners association fee (if applicable). For further information, please refer to the purchase documents in the Auction Information Office. EXTENSIONS In certain cases, the seller may grant a fifteen (15) day extension of the closing date for a non-refundable extension fee of $1,500 in a cashier s check payable to the seller. This fee will not be credited to the purchase price. Requests for extensions must be made in writing at least five (5) calendar days prior to the scheduled closing date. All extension requests are evaluated by the seller on a case-by-case basis and are solely at the seller s discretion. Extensions are granted only to buyers who have demonstrated good faith in attempting to close by the scheduled date. No sale will be contingent upon receiving an extension from the seller. DEFAULT OF BUYER If a buyer defaults on the terms of the Purchase Agreement, the seller may retain the buyer s deposit pursuant to the terms of the Purchase Agreement. 2

7 TERMS AND CONDITIONS a) For the first three (3) condominiums offered at the auction, the seller will accept from qualified registered bidders, the highest bid equal to or greater than the Starting Bid. b) All remaining condominiums are offered subject to an unpublished reserve price (Reserve Price); this means that the seller has established an unpublished minimum selling price. The Starting Bid is not the Reserve Price. In order to become the winning bidder of a condominium, a bidder must have the highest bid and meet or exceed the unpublished Reserve Price. The highest bid is subject to acceptance by the seller. With respect to a high bid less than the Reserve Price, the high bid and resulting purchase agreement/offer are subject to the seller s acceptance, counter-offer or rejection during the auction, in the contract room, and/or within five (5) days following the auction. c) In order to purchase a condominium at the auction, bidder must be acknowledged by the Auctioneer as the Winning Bidder (the bidder to whom the Auctioneer acknowledges the condominium as being SOLD to) and such condominium is therefore not identified as being sold subject to confirmation (see below). d) With respect to a winning bid that is not immediately accepted by the seller, the Auctioneer will inform the Winning Bidder that acceptance of his or her winning bid is Sold Subject to Confirmation. The Winning Bidder acknowledges and agrees that Winning Bidder s purchase/offer is subject to and contingent upon the seller approving the resulting purchase/offer, acceptance, counter-offer and/or rejection during the auction, in the contract room and/or within five (5) days following the auction, as stated above. e) Bidding increases will be in such increments as the Auctioneer, at his sole discretion, directs. In the event of a dispute between bidders, the Auctioneer shall make the sole and final decision to either accept the final bid or reoffer and resell the condominium in dispute. The auction will be recorded, and if any dispute arises following the auction, the Auctioneer s records shall be conclusive in all respects. f) Floor plans, sizes and square footages set forth for the condominiums may vary and are approximations only, based on the best information available. Kennedy Wilson does not guarantee the accuracy of the square footage or other information regarding the condition and features of the property provided by the seller or obtained from public records or other sources. Each bidder is advised to independently verify the accuracy of all information through personal inspections with appropriate professionals and to rely on their own research at their own cost. g) The Seller and Auctioneer reserve the right to refuse admittance to or expel anyone from the auction premises for interference with auction activities, nuisance, canvassing, collusive bidding, bid rigging or other reasons. h) The auction will be recorded. Bidders attendance at the auction shall constitute bidders consent to any audio and/or visual recording. i) No claim will be considered for allowance, adjustment, or rescission based upon failure of the property to correspond to any particular expectation or standard (except the Preliminary Title Report). j) Title Insurance is available for each condominium, insuring the title of such condominium to be in fee simple, subject to exceptions set forth in the Preliminary Title Report. A copy of the Preliminary Title Report for all condominiums may be inspected prior to the auction. k) No auction attendees may take audio or visual recordings of the auction. l) The Seller has the right to postpone or cancel the auction, in whole or in part, at its sole discretion, and to modify or add any terms and conditions of sale and to announce such modifications or additional terms and conditions either prior to or at the auction. Written and oral auction announcements shall take precedence over prior printed information; however, the executed Purchase Agreement will evidence all understandings and agreements between the buyer and the Seller and will be in all respects controlling. m) No buyer shall assign his/her rights under the Purchase Agreement, to any other party and any attempted assignment shall be void. n) Except where prohibited by law, the Auctioneer may, on behalf of the Seller, bid at any time up to the amount of the unpublished reserve price for each condominium. o) Kennedy Wilson Auction Group, Inc. in cooperation with Walt Arnold Commercial Brokerage, Inc. is not acting as an agent for the buyer in any capacity and is acting in the capacity exclusively as the Seller s broker. p) Condominiums are sold as is. Prospective buyers should examine the condominiums and all supporting documentation carefully as each bidder is responsible for making his or her evaluation of the condominiums and may not rely on the Seller, sales agents or Brokers. q) OFFER VOID WHERE PROHIBITED. Brochure will not be mailed to residents of any state in which this offering is not in compliance with the real estate laws or other laws of that state or province. Copyright Kennedy Wilson Auction Group, Inc. in cooperation with Walt Arnold Commercial Brokerage Group, Inc. Mexico license # All rights reserved. No part of this advertising material may be reproduced or utilized in any form or by any means, electronic or mechanical, including photocopying and recording, or by any information storage and retrieval system, without written permission from Kennedy Wilson. No buyer s premium. All bids subject to Seller s Reserve and Acceptance. 3

8 Date Rec d Prequal CChecks Bidder No AGAVE LUXURY CONDOMINIUMS CLOSEOUT AUCTION AUCTION REGISTRATION FORM #8011 Please complete and return this Form prior to 5 PM, Friday, October 23, 2015, in order to be eligible to bid at the auction. TO: mclouser@kennedywilson.com FAX TO: MAIL OR BRING TO: Auction Information Office, Agave Luxury Condominiums, 1900 Central Ave, SW, Unit 203, Albuquerque, NM I/We plan to purchase: Only one residence More than one residence I/We plan to bid online BIDDER S FIRST NAME CO-BIDDER S FIRST NAME ADDRESS LAST NAME LAST NAME STATE ZIP DAYTIME PHONE EVENING PHONE CELL REAL ESTATE AGENCY NOT REPRESENTED BY A REAL ESTATE AGENT REPRESENTED BY A REAL ESTATE AGENT If a buyer is represented by a Real Estate Agent and Bidder registered the Agent at the time of their initial registration, please have the Agent complete the following: REAL ESTATE CO. PHONE # AGENT NAME AGENT SIGNATURE The Real Estate Agent must sign here and must accompany the Bidder to the Auction and sign the Cooperating Broker Agreement attached to the Unit Sales Agreement in order to qualify for cooperating commission. See the Auction Brochure for complete details. CITY I/WE HAVE received, read and accepted the terms and conditions of sale for the Auction, which are set forth in the Auction brochure, and I/we have reviewed documents available in the Auction Information Office as listed in the Auction brochure under Home Inspection and Review of Purchase Documents. I/WE UNDERSTAND AND AGREE that Seller makes no express or implied warranties with respect to the home being purchased by Buyer except for any express warranties set forth in the Purchase and Sale Agreement or a separate written document signed by the Seller. I/WE AUTHORIZE my/our other lender to disclose my/our prequalification status to the seller, its agents and/or assigns. Bidder s Signature: Date: Co-Bidder s Signature: Date: FINANCING INFORMATION: Note: All bidders must be prequalified by the preferred lender. I/WE PLAN TO USE THE PREFERRED LENDER I/WE PLAN TO USE A LENDER OTHER THAN THE PREFERRED LENDER I/WE PLAN TO PAY WITH CASH I AM/WE ARE INTERESTED IN THE FOLLOWING HOMES IN THE ORDER OF PREFERENCE BELOW: (PLEASE LIST UNIT # ONLY) (1st) # (2nd) # (3rd) # (4th) # PLEASE TAKE A MOMENT TO LET US KNOW HOW YOU FOUND OUT ABOUT OUR AUCTION: AgaveCondominiums.com Albuquerque Business First Albuquerque Journal Albuquerque Real Estate Blog BidKW.com Broker/Realtor.com E-Blast/ Google/Yahoo Radio Referral Santa Fe Reporter Signs/Drive By Television Word of Mouth Zillow.com Web Other Other 4

9 Sizes, square footages, dimensions, bedrooms and baths set forth for the homes are approximations only. Actual sizes may vary. 5

10 Sizes, square footages, dimensions, bedrooms and baths set forth for the homes are approximations only. Actual sizes may vary. 6